$ENA Theo BlockBeats, the founder of Ethena Labs, Guy Young, expressed concerns on social media about the potential depletion of cryptocurrency capital, which could hinder altcoins from surpassing previous cycle peaks. He noted that the nominal market capitalization peaks of altcoins in the fourth quarter of 2021 and 2024 both stopped at around 1.2 trillion dollars, adjusted for inflation. Young questioned whether this represents a valuation ceiling for global retail capital in 99% of speculative projects.